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E-Finance issued 100,000 fuel smart cards for tuk-tuks, 62,000 for cars: Chairman E-Finance targets achieving EGP 600m in revenues by the end of the year, says Sarhan
E-Finance has issued 100,000 smart cards for licensed and non-licensed tuk-tuks over the past two months, according to Ibrahim Sarhan, Chairman of e-Finance. Sarhan told Daily News Egypt that the company has also recently issued licenses for 62,000 cars. Sarhan said his company targets achieving EGP 600m in revenues by the end of the year. He further noted that the cost of the infrastructure services for the company amounted to EGP 220m, in addition to nearly 62,000 employees within E-Finance, across the 27 governorates in Egypt. "There is a continuous development of the smart cards system regarding issuing smart cards for citizens' fuel share and the registration of bakeries and fishing boats inside E-Finance's system, " said Sarhan. " The company completed printing and activating 7,000 smart cards for bakeries." Sarhan pointed out that the company does not only provide the smart card system for fuel, but also for various other services, such as linking the public sector with the recipients of its services. Sarhan added that his company has the technological infrastructure to link the government networks with each other. In addition, companies can provide service to citizens besides the e-payment of taxes and customs, which are done through banks and post offices. E-Finance cooperates with 33 banks in Egypt for e-payment services. In early August, Global MasterCard and Visa authorised E-Finance to issue and print e-cards for all banks and international financial institutions that are members of both international organisations, through the company's card issuance centre. E-Finance is the largest operator of electronic payment systems in Egypt and the Middle East. The company has implemented a number of national projects that serve the community, most notably, the support and rationalisation of petroleum products, pension disbursement, and many other projects. E-Finance's shareholders are the National Investment Bank (70%), the National Bank of Egypt (10%), Banque Misr (10%), and the Egyptian Banks Company (10%).
